Tesoro is one of the largest independent petroleum refiners and marketers in the country, operating six refineries in California, Alaska, Washington, North Dakota, and Utah, with a combined refining capacity of 875,000 barrels a day. Its network of 2,300 retail stations includes those under the brands of Shell, Exxon, Mobil, USA Gasoline and ARCO, as well as its own brand. In January, it closed the acquisition of Great Northern Midstream, an operator of oil pipelines and storage in North Dakota. Under pressure from a squeeze in margins early in 2016, it has pushed back the completion of a $460 million program to integrate its two California refineries. That project also faces some stiff opposition from environmental campaigners and is still awaiting approval from state regulators, as of May 2016.
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The combined company will have over 3,000 branded retail stations.
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But it will certainly make oil companies richer.
Four-year deal includes modest pay raises but addresses union concerns over contracted labor and worker fatigue.